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USD/CNH Challenging Concurrent Support

CNH
  • USD slippage extends through the cash equity open, with USD/CNH pressing to a new session low and challenging support at the 200-dma of 6.9233. This level roughly coincides with the 6.9264 23.6% retracement for the Jan - Feb upleg, so could slow proceedings on any further push lower.
  • The correlation between USD/CNH and equities, Fed hike pricing clear to see here, with implied March Fed pricing slipping, while equity futures erase the initial post-payrolls bounce to plumb a fresh session low of 3878.75.

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